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Residential Battery Market Size, Industry Analysis Report By type (Solar, Independent), By material (Lead acid, Lithium ion, Nickel cadmium, Flow), By storage (Residential power supply, Household appliances) & Region - Forecasts By 2033

  • PUBLISHED ON
  • 2024-10-08
  • NO OF PAGES
  • 216
  • CATEGORY
  • Energy & Power

Market Overview

The Global Residential Battery Market is presently worth USD 10,600 million and is poised to amplify at a CAGR of 17.9% over 2023-2033, thereby amassing a valuation of USD 46,600 million by end of the assessment timeline.

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 10,600 Million

Market Forecast in 2033

USD 46,600 Million

CAGR % 2023-2033

17.9%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product type, end-user industry, company share, company heatmap, company Material Technology type capacity, growth factors and more

Segments Covered

Type, power rating outlook, material, storage

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Key Companies

Evergen, Amararaja Batteries Limited, Samsung SDI, Luminous India, Panasonic Energy Corporation of America, FIMER, Siemens, BYD Electronic (International) Company Limited, ABB, ULTRALIFE, and MURATA.

Residential Battery Market: Description

A residential battery is an energy storage device that can be used to store both grid-supplied energy and energy produced by renewable sources like solar and wind. Lead acid, lithium ion, and nickel cadmium are the materials used to make household batteries. With the rise in residential rooftop solar installations, the market for residential batteries is projected to grow.

The cost of residential batteries is significant for energy storage systems. They are mostly employed for storing energy in homes. Greater efficiency and increased safety are opportunities brought about by residential batteries.

According to estimates, residential buildings will need more electricity during the projection period as a result of rising population and continued global urban migration. Lighting, air conditioning, home appliances, cookery, and other key end-user applications are among the others. For uninterrupted power supply at home during power outages during peak hours, energy storage systems are employed, notably in non-OECD nations. Residential energy storage system (RESS) business models are still in the early phases of development in the majority of markets. However, by tracking their actual consumption in real-time, residential customers are likely to become actively involved in changing their energy spending habits.

To meet their electrical needs, several governments throughout the world are turning to renewable energy sources like solar and wind, gradually reducing their reliance on coal and diesel. Rooftop solar is regarded as one of the greatest solutions because metropolitan areas lack land and must fulfil the rising demand for electricity.

The rooftop solar PV power generation process relies heavily on battery storage because solar energy is intermittent and unavailable at night. The BESS stores the electricity produced by the rooftop solar PV system and uses it later for self-consumption. The growing use of rooftop solar and related battery storage systems has been significantly influenced by government programmes, including as subsidies and tax credits, from many governments, including those of China, India, the United States, and other nations.

Residential Battery Market- Segmental Analysis:

Type Insights

The Solar segment holds the largest market share and is projected to grow more in the upcoming years. In 2021, the market segment held the largest share in the market for Residential Battery worldwide.

End-User industry Insights

The 3-6 kW segment holds the largest market share and is projected to grow more in the upcoming years. In 2021, the market segment held the largest share in the market for Residential Battery worldwide.

Material Insights

The lithium-ion segment holds the largest market and is projected to grow more in the upcoming years. The interest for battery energy capacity is projected to ascend as the limit of sunlight-based roofs develops. Thus, interest for the lithium-particle batteries is probably going to ascend during the figure time frame as new energy stockpiling frameworks for private applications create. Properties of lithium-particle batteries, for example, low charging time, a bigger number of charging cycles, less weight, and declining cost, make it ideal for this application.

Storage Insights

Residential power supply segment holds the largest market share and is projected to grow more in the upcoming years. In 2021, the market segment held the largest share in the market for Residential Battery worldwide.

Regional Insights

The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, Asia-Pacific is projected to capture a substantial revenue share, primarily because different nations in the Asia-Pacific are placing an increasing emphasis on lowering GHG (Green House Gas) emissions and promoting sustainable development in the region.

Competitive Analysis

The prominent companies defining the competitive terrain of this marketplace are Trina Solar, First Solar, Inc., TATA Power, Sharp Corporation, BrightSource Energy, Inc., Solar Systems Ltd., Shenzhen Topray Solar Co., Ltd., and JA Solar Holdings Co. Ltd.

Residential Battery Market- Segmental Analysis

By Type

·         Surface suction

·         Utility scale

·         Distributed generation

·         Microgrids

·         Others

By End-User industry

·         Residential

·         Commercial

·         Industrial

·         Others

1.       Global Residential Battery Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Residential Battery Market Scope and Market Estimation

1.2.1.Global Residential Battery Overall Market Size, Revenue (US$ Mn) and Volume (Units), Market CAGR (%), Market forecast (2023 - 2033)

1.2.2.Global Residential Battery Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2033

1.3.    Market Segmentation

1.3.1.Type of Global Residential Battery Market

1.3.2.End Use of Global Residential Battery Market

1.3.3.Region of Global Residential Battery Market

2.       Executive Summary

3.       Market Factor Analysis

3.1.   Global Residential Battery Market Application Trends under COVID-19 Outbreak

3.1.1.Global COVID-19 Status Overview

3.1.2.Influence of COVID-19 Outbreak on Global Residential Battery Market Application Development

3.2.   Market Dynamics

3.2.1.Drivers

3.2.2.Limitations

3.2.3.Opportunities

3.2.4.Impact Analysis of Drivers and Restraints

3.3.   Value Chain/ Ecosystem Analysis

3.3.1.Manufacturers / Vendors

3.3.2.Distributors

3.3.3.Buyers / End-users

3.3.4.Forward Integration & Backward Integration of Key Stakeholders

3.4.   Global Residential Battery Market - Pricing Trends Analysis & Average Selling Prices (ASPs)

3.5.   Porter’s Five Forces Analysis

3.5.1.Bargaining Power of Suppliers

3.5.2.Bargaining Power of Buyers

3.5.3.Threat of Substitutes

3.5.4.Threat of New Entrants

3.5.5.Competitive Rivalry

3.6.   PEST Analysis

3.6.1.Political Factors

3.6.2.Economic Factors

3.6.3.Social Factors

3.6.4.Technological Factors

3.7.   Impact of Russia Ukraine War on Residential Battery Market

3.8.   Impact of Economic Downturn on Residential Battery Market

3.9.   Residential Battery Production Capacity, by Major Countries

3.10.  Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Regions

4.       Global Residential Battery Market Estimates & Forecast Trend Analysis, by Type

4.1.    Global Residential Battery Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Type, 2019 to 2033

4.1.1.   Surface suction

4.1.2.Utility scale

4.1.3.Distributed generation

4.1.4.Microgrids

4.1.5.Others      

5.       Global Residential Battery Market Estimates & Forecast Trend Analysis, by Application

5.1.    Global Residential Battery Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Application, 2019 to 2033

5.1.1.    Residential

5.1.2. Commercial

5.1.3.Industrial

5.1.4.Others

6.       Global Residential Battery Market Estimates & Forecast Trend Analysis, by Region

6.1.    Global Residential Battery Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Region, 2019 to 2033

6.1.1.North America

6.1.2.Europe

6.1.3.Asia Pacific

6.1.4.Middle East & Africa

6.1.5.South America

7.       North America Residential Battery Market: Estimates & Forecast Trend Analysis

7.1.    North America Residential Battery Market Assessments & Key Findings

7.1.1.Residential Battery Market Introduction

7.1.2.Residential Battery Market Size Estimates and Forecast (US$ Million & Units) (2019 – 2033)

7.1.2.1.   By Application

7.1.2.2.   By Type

7.1.2.3.   By Country

7.1.2.3.1.     The U.S.

7.1.2.3.2.     Canada

7.1.2.3.3.     Mexico

8.       Europe Residential Battery Market: Estimates & Forecast Trend Analysis

8.1.    Europe Residential Battery Market Assessments & Key Findings

8.1.1.Residential Battery Market Introduction

8.1.2.Residential Battery Market Size Estimates and Forecast (US$ Million & Units) (2019 – 2033)

8.1.2.1.   By Application

8.1.2.2.   By Type

8.1.2.3.        By Country

8.1.2.3.1.     Italy

8.1.2.3.2.     Germany

8.1.2.3.3.     U.K.

8.1.2.3.4.     France

8.1.2.3.5.     Spain

8.1.2.3.6.     Rest of Europe

9.       Asia Pacific Residential Battery Market: Estimates & Forecast Trend Analysis

9.1.    Asia Pacific Market Assessments & Key Findings

9.1.1.Residential Battery Market Introduction

9.1.2.Residential Battery Market Size and Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)

9.1.2.1.   By Application

9.1.2.2.   By Type

9.1.2.3.        By Country

9.1.2.3.1.     China

9.1.2.3.2.     Japan

9.1.2.3.3.     India

9.1.2.3.4.     Australia

9.1.2.3.5.     South Korea

9.1.2.3.6.     ASEAN

9.1.2.3.7.     Rest of Asia Pacific

10.   Middle East & Africa Residential Battery Market: Estimates & Forecast Trend Analysis

10.1.  Middle East & Africa Market Assessments & Key Findings

10.1.1.   Residential Battery Market Introduction

10.1.2.   Residential Battery Market Size and Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)

10.1.2.1.    By Application

10.1.2.2.    By Type

10.1.2.3.    By Country

10.1.2.3.1. U.A.E.

10.1.2.3.2. Saudi Arabia

10.1.2.3.3. Egypt

10.1.2.3.4. South Africa

10.1.2.3.5. Rest of Middle East & Africa

11.   South America Residential Battery Market: Estimates & Forecast Trend Analysis

11.1.  South America Market Assessments & Key Findings

11.1.1.   Residential Battery Market Introduction

11.1.2.   Residential Battery Market Size and Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)

11.1.2.1.    By Application

11.1.2.2.    By Type

11.1.2.3.    By Country

11.1.2.3.1. Brazil

11.1.2.3.2. Argentina

11.1.2.3.3. Colombia

11.1.2.3.4. Rest of South America

12.   Competition Landscape

12.1.  Residential Battery Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

12.2.  Residential Battery Market Competition White Space Analysis, By End-user

12.3.  Residential Battery Market Competition Regional Intensity Map Analysis, By Geographies Served

12.4.  Residential Battery Market Concentration & Company Market Shares (%) Analysis, 2022

13.   Company Profiles

13.1.Trina Solar

13.1.1.    Company Overview & Key Stats

13.1.2.    Financial Performance & KPIs

13.1.3.    Product Portfolio

13.1.4.    Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

13.2.First Solar, Inc

13.3.TATA Power,

13.4.Sharp Corporation

13.5.BrightSource Energy, Inc.

13.6.Solar Systems Ltd.

13.7.Shenzhen Topray Solar Co., Ltd

13.8.JA Solar Holdings Co. Ltd.  

13.9. Others**

14.   Research Methodology

14.1.      External Power Outputs / Databases

14.2.      Internal Proprietary Database

14.3.      Primary Research

14.4.      Secondary Research

14.5.      Assumptions

14.6.      Limitations

14.7.      Report FAQs

15.   Research Findings & Conclusion

 

 

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We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




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To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size and growth projections?

The Global Residential Battery Market is presently worth USD 10,600 million and is poised to amplify at a CAGR of 17.9% over 2023-2033, thereby amassing a valuation of USD 46,600 million by end of the assessment timeline.

What are the drivers shaping various markets?

Rising Energy Costs: Homeowners are looking for strategies to lower their energy costs as a result of rising electricity costs. With the aid of residential battery systems, users can store extra electricity while it's less expensive (for example, during off-peak hours) and use it when it's more expensive.

Who are the key competitors of market Players?

Some of the major players operating within the market are Evergen, Amararaja Batteries Limited, Samsung SDI, Luminous India, Panasonic Energy Corporation of America, FIMER, Siemens, BYD Electronic (International) Company Limited, ABB, ULTRALIFE, and MURATA.

What are the top performing segments, and countries / regions of each of the markets?

The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, Asia-Pacific is projected to capture a substantial revenue share, primarily because different nations in the Asia-Pacific are placing an increasing emphasis on lowering GHG (Green House Gas) emissions and promoting sustainable development in the region.

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